Albert joined a limited partnership with an investment of $10,000 for his interest.There were nine other limited partners who invested the same amount.There were two general partners who invested $100,000 each.The general partners filed the certificate of limited partnership in the wrong location.The general partners negotiated the purchase of two separate parcels of real estate,signing notes for both on behalf of the limited partnership.The seller of the first parcel was aware that there were only two general partners and that the remaining partners were limited partners.The seller of the second parcel thought that she was dealing with a general partnership with all of the partners as general partners.After these transactions,when Albert discovered the defective filing,he notified the general partners,who immediately made a correct filing.What personal liability does Albert have in connection with these two transactions?
A) Albert will have unlimited liability for both of the real estate purchases.
B) Albert will have unlimited liability for the purchase of the second parcel only.
C) Albert will not have unlimited liability for either of these transactions.
D) Albert will have unlimited liability for both of these transactions,but only for claims filed prior to the time that the certificate of limited partnership was filed.
Correct Answer:
Verified
Q46: Joel is a limited partner in the
Q47: The Black Squirrel limited partnership has been
Q48: Which of the following is not one
Q49: Amy is a limited partner in a
Q50: Which of the following is true about
Q52: What is the effect of a limited
Q53: Cindy is one of 50 limited partners
Q54: What must be done by a limited
Q55: A limited partner who takes an active
Q56: A limited partnership must keep the copies
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents